Retiring 50 with £1m portfolio assets + UK mortgage free hse
Discussion
"Theoretical" case for you guys. Where's the best place to retire say 50-70 before health issues kick in (e.g. expensive health insurance).
Looking at Mauritius, USA, Portugal, Spain, UAE.
UK mortgage free house + 1m in portfolio assets split SIPPs/ISAs/Cash.
PH directors no doubt weighing this up daily...
All ideas welcome!
Looking at Mauritius, USA, Portugal, Spain, UAE.
UK mortgage free house + 1m in portfolio assets split SIPPs/ISAs/Cash.
PH directors no doubt weighing this up daily...
All ideas welcome!
Panamax said:
Ask yourself, if you've got a house and £1m in assets why the hell would you want to go and live in any of those places *, reading the Daily Mail a day late and eating fish & chips at the Irish pub amongst a load of other Brits?
(* £1m isn't enough for USA).
Like I said, all ideas welcome!(* £1m isn't enough for USA).
You would stay in UK?
Cyprus?
Reasonable property prices, feels quite British (English widely spoken, drive on the left etc). 0% tax on div income for 17 years if you're a tax resident - 180 days/year rule. Bloody hot on then coast in height of the summer. Lots of Russians last time i was there.
Reasonable property prices, feels quite British (English widely spoken, drive on the left etc). 0% tax on div income for 17 years if you're a tax resident - 180 days/year rule. Bloody hot on then coast in height of the summer. Lots of Russians last time i was there.
Edited by Lefty on Monday 31st August 06:41
NortonES2 said:
chatsworth877 said:
Like I said, all ideas welcome!
You would stay in UK?
I would say that most people in that position do.You would stay in UK?
https://www.jamesedition.com/real_estate/marbella-...
Considered all this and ruled out a permanent move as I'm not going to give up a UK footprint and the continuing option of NHS healthcare. If anything we are going to look at 6-months of the year out of the country when the weather is at its worse here. We'll probably relocate from the suburbs to somewhere more rural but with good links to main services.
If it's Spain (albeit I like South of France) then it'll have to be the 90/180 rule and I've not ruled out buying a place in Spain as part of the option, although I've recently been interested in the Far East where you can rent a new luxury apartment for around $500pm. We're off to Vietnam later this year so I'll get an idea. Private medical insurance seems cheaper as well. I've been watching a few YT videos on couples who spend a long time in the Far East living a nomadic lifestyle if that's your bag.
Couple of videos here worth a watch and there are plenty others to get a flavour):
https://youtu.be/xysuizBCp08?si=51lIQJZZUwQvGcDV
https://youtu.be/xqZG1NNqzS8?si=MVREjhIgEp9BhESN (Note: those interviewed have a business in the US and Green Card which is a whole different ball game)
Of course when you reach SP age and you do take up residence in Spain (and I presume any other EU country) the S1 entitlement gives you free access to in country healthcare. Portugal is the easiest and cheapest to get a residency visa.
You've not said why you want to leave the UK to give us an idea. If it's cost (and I agree I feel we get ripped off) then US and UAE will be more expensive than here.
Every country you look at will have it's own problems when you dig deeper.
If it's Spain (albeit I like South of France) then it'll have to be the 90/180 rule and I've not ruled out buying a place in Spain as part of the option, although I've recently been interested in the Far East where you can rent a new luxury apartment for around $500pm. We're off to Vietnam later this year so I'll get an idea. Private medical insurance seems cheaper as well. I've been watching a few YT videos on couples who spend a long time in the Far East living a nomadic lifestyle if that's your bag.
Couple of videos here worth a watch and there are plenty others to get a flavour):
https://youtu.be/xysuizBCp08?si=51lIQJZZUwQvGcDV
https://youtu.be/xqZG1NNqzS8?si=MVREjhIgEp9BhESN (Note: those interviewed have a business in the US and Green Card which is a whole different ball game)
Of course when you reach SP age and you do take up residence in Spain (and I presume any other EU country) the S1 entitlement gives you free access to in country healthcare. Portugal is the easiest and cheapest to get a residency visa.
You've not said why you want to leave the UK to give us an idea. If it's cost (and I agree I feel we get ripped off) then US and UAE will be more expensive than here.
Every country you look at will have it's own problems when you dig deeper.
A friend has moved to Mauritius to retire. Mixed bag, I think. He loves the fishing and is a sociable chap so has made some mates and kind of likes it. But his wife hates it, the heat gets to them, they don’t like the locals and it’s more expensive than you’d think. Although the vets are cheap apparently.
One of the best feelings about going on holiday is coming back home 
.
We've just spent an amazing week in Corita, amazing food, sunsets, crystal clear waters, but the heat was unbearable for large parts of the day, the mosquitos loved feasting on me as much as I loved the ice cream.
Yesterday I spent some time tidying up the rockery, and found my self just fascinated by a local resident who is an absolute expert in camouflage, if I'm being honest the snorkeling in the Adriatic was amazing but local wildlife in the garden is just as fascinating
.
Variety is the spice of life, plenty of traveling but also being able to call some where home close to family feels like a good way to spend retirement when we get there. Apart from the the UK I don't think I can call any where home.
.We've just spent an amazing week in Corita, amazing food, sunsets, crystal clear waters, but the heat was unbearable for large parts of the day, the mosquitos loved feasting on me as much as I loved the ice cream.
Yesterday I spent some time tidying up the rockery, and found my self just fascinated by a local resident who is an absolute expert in camouflage, if I'm being honest the snorkeling in the Adriatic was amazing but local wildlife in the garden is just as fascinating
.Variety is the spice of life, plenty of traveling but also being able to call some where home close to family feels like a good way to spend retirement when we get there. Apart from the the UK I don't think I can call any where home.
A few years ago Portugal would have made a lot of sense as they had a flat 10% tax rate for foreign retirees. But that's finished now.
I retired 7 years ago, at 52, and moved to Spain, but I already owned a property here (Marbella area). It would be much more difficult to do that today as property prices have gone crazy since Covid.
Now, unless you were going to sell your UK house, you'd struggle to buy a property out of your portfolio here and then live off what's left... and a million euros doesn't buy you a palace anywhere on the coast between Malaga and Sotogrande.
There are parts of Spain where property is less expensive, but be careful as some will be dead outside the summer months. Around here you can move 20-30km in land and the prices drop significantly, but so does access to amenities.
I love it here. The weather is fantastic, it's much cheaper to live here than the UK, private health insurance is inexpensive and decent (and you get free healthcare after retirement age through the NHS), love the slower pace of life, the culture and people. Dislikes are missing family aqand summer traffic levels... but that's only really a pain for 8 weeks of the year.
No regrets and can't see me ever moving back to the Uk (though I still have a house there).
I retired 7 years ago, at 52, and moved to Spain, but I already owned a property here (Marbella area). It would be much more difficult to do that today as property prices have gone crazy since Covid.
Now, unless you were going to sell your UK house, you'd struggle to buy a property out of your portfolio here and then live off what's left... and a million euros doesn't buy you a palace anywhere on the coast between Malaga and Sotogrande.
There are parts of Spain where property is less expensive, but be careful as some will be dead outside the summer months. Around here you can move 20-30km in land and the prices drop significantly, but so does access to amenities.
I love it here. The weather is fantastic, it's much cheaper to live here than the UK, private health insurance is inexpensive and decent (and you get free healthcare after retirement age through the NHS), love the slower pace of life, the culture and people. Dislikes are missing family aqand summer traffic levels... but that's only really a pain for 8 weeks of the year.
No regrets and can't see me ever moving back to the Uk (though I still have a house there).
Lefty said:
Cyprus?
Reasonable property prices, feels quite British (English widely spoken, drive on the left etc). 0% tax on div income for 17 years if you're a tax resident - 180 days/year rule. Bloody hot on then coast in height of the summer. Lots of Russians last time i was there.
I know of a woman who lives out there having married a Cypriot and even her husband who is a local is finding it too hot in the summer to the point they are looking at moving to the UKReasonable property prices, feels quite British (English widely spoken, drive on the left etc). 0% tax on div income for 17 years if you're a tax resident - 180 days/year rule. Bloody hot on then coast in height of the summer. Lots of Russians last time i was there.
gangzoom said:
Yesterday I spent some time tidying up the rockery, and found my self just fascinated by a local resident who is an absolute expert in camouflage, if I'm being honest the snorkeling in the Adriatic was amazing but local wildlife in the garden is just as fascinating .
[Img]https://lh3.googleusercontent.com/pw/AP1GczOnFSVE2mFAUYU17Mtg4frChHi6elEIe4sFMSwLrAYB-aXnPL0MOnTcHsH33W93c0dPQFcJh8DHrI5C6S5vI0ohN-T5x1A7LEIT-sge_Qx5N_rGfx2HgF4niswQQNfbFHf3eJk5YDp4Hw-Ebyp6z9olrA=w1449-h1926-s-no-gm?authuser=0[/thumb]
Took me a long time to spot that....[Img]https://lh3.googleusercontent.com/pw/AP1GczOnFSVE2mFAUYU17Mtg4frChHi6elEIe4sFMSwLrAYB-aXnPL0MOnTcHsH33W93c0dPQFcJh8DHrI5C6S5vI0ohN-T5x1A7LEIT-sge_Qx5N_rGfx2HgF4niswQQNfbFHf3eJk5YDp4Hw-Ebyp6z9olrA=w1449-h1926-s-no-gm?authuser=0[/thumb]
The Gauge said:
Lefty said:
Cyprus?
Reasonable property prices, feels quite British (English widely spoken, drive on the left etc). 0% tax on div income for 17 years if you're a tax resident - 180 days/year rule. Bloody hot on then coast in height of the summer. Lots of Russians last time i was there.
I know of a woman who lives out there having married a Cypriot and even her husband who is a local is finding it too hot in the summer to the point they are looking at moving to the UKReasonable property prices, feels quite British (English widely spoken, drive on the left etc). 0% tax on div income for 17 years if you're a tax resident - 180 days/year rule. Bloody hot on then coast in height of the summer. Lots of Russians last time i was there.
6 months though: mar/apr/May/June there, back to UK for July-/august and then maybe Sep/oct in Cyprus would do it to keep tax residency there
pteron said:
Armitage.Shanks said:
I've recently been interested in the Far East where you can rent a new luxury apartment for around $500pm.
Would you give more details on what you've found?Examples here:
https://www.youtube.com/watch?v=aujRU-lgb9s
https://www.youtube.com/watch?v=av4FbLplOT4&li...
Lots of websites offering rentals and this place caught my eye for under £700pm
He covers off medical insurance, visas etc. The can't own land in Thailand (and I presume other far east countries) as a foreigner and whilst you can legally 'own' a condo from watching one of his videos its not recommended given what appears a reluctance by some to pay the community charges.
Whilst he's Thailand centric I'm sure there will be similar offerings in Vietnam, Philippines etc
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